Recession in Nigeria, how it all began, and necessary lessons to learn from this tough and hard time in Nigeria, most especially how live independent of the recession - is all you can expect from this piece.

The word recession is probably the most trending word in Nigeria today, not just because we choose to mouth it, or because we hear it in news every day, but because of the reality it puts before us – it is not just a word. We say Nigeria is in a recession, what exactly does recession mean? Maybe I can help; It is a significant decline in economic activities – without mincing words, it means Nigeria is broke. But are we truly broke?
Economic expects have said that a recession means there is a decrease in these economic indicators: real GDP, Income, Employment, Manufacturing, and retail sales. The finance minister of Nigeria Kemi Adeosun made it known that the economic situation in Nigeria is in “its worst possible time”
We must also note that economic recession is experienced when aggregate spending both by consumers, investors or even the governments decreases below required economic activities and necessities. Recession doesn’t happen overnight, it comes with signs and warnings over time. It started during the previous administrations, what these administrations did was to bury and ignore every signs. What was more important to the GEJ administration was the transitional activities – not even when signs became more prominent during an election year.
The former Governor of the Central Bank of Nigeria (CBN) Professor Charles Soludo stated clearly in 2003 when the price of crude oil was above $100 per barrel that the price of the crude is decreasing and a recession was inevitable, even the former Minister of Finance Dr. Ngozi Okonjo-Iweala in 2014 advised the government to buckle up and prepare for a possible recession. These people were actually termed prophets of doom, and all call to actions were ignored. The election loss of the GEJ administration plunged Nigeria further into the recession today....http://dapsdiary.com/ecoonomic-recession/